KARACHI, Dec 8: Pakistan and the US will soon resume dialogue on concluding a bilateral Free Trade Agreement (FTA), Tariq Ikram a State Minister and Chairman Export Promotion Bureau informed Dawn on Wednesday.

Tariq Ikram was a member of the President Pervez Musharaf's team that visited three Latin American countries and the US in which trade promotion and economic cooperation figured prominently in the bilateral talks with President Bush and the leaders of Brazil, Argentina and the Mexico. Tariq did not join the team in London and Paris and returned home only the other day.

Bilateral trade promotion, he said, was one of the main issues on which President Musharraf emphasized a lot in his talks with President Bush last Saturday. The officials of the two countries took cue from these talks and in their initial discussions explored the possibility of resuming dialogue on reaching an FTA.

"We need a lot of product diversification in our exports to the USA", the EPB Chairman said. Pakistan's exports to the US stand at over $2.5 billion a year in which textile products contribute the lion's share.

Pakistan exports in small volume carpets, engineering goods, tents and canvas, gold jewellery, surgical instruments, footwear, molasses, guar and guar products and oil seeds.

In face of tough health and quarantine regulations of the US Pakistan exporters supply fish, fruits and vegetables rice and a few other edibles. In addition to textile products, Tariq Ikram expects to increase the quantity of export all these goods in the US market.

Pakistan has already concluded TIFA with the US and wants to go a step forward to explore possibilities of an FTA which should open opportunities of exporting non-traditional goods in the US market.

"We also sought US and Mexican assistance to build bridges with the NAFTA,'' he said. Pakistan also seeks inroads in the economic union of all the South American countries for which assistance has been promised by the governments of Brazil, Argentina and Mexico.

Since not much information is available about economic and trade potential of the three Latin American countries in Pakistan, the Bureau plans to organize seminars and workshops to inform exporters about Mexico, Brazil and the Argentina.

"We plan to organize single country exhibition in each of these three countries after February next year and send products specific trade teams to visit Latin America. The three Latin American countries are sending buyers team in the Expo 2005 being held next February in Karachi. In this exhibition some 600 Pakistani companies to set up their stalls and 700 foreign buyers are expected to visit.

Before joining President Pervez Musharraf's team, Tariq Ikram went to Germany where he met the Chairman of a big textile products buyers organisation Mr Beckmann. Beckmann, he said is visiting the Expo 2005 in Karachi and bringing with him the representatives of five big textile organizations of Germany.

Beckmann has shown interest to conclude a Memorandum of Understanding with textile associations, Federation of Pakistan Chambers of Commerce and Industry or the Export Promotion Bureau. Beckmann's organization has already concluded MOUs with China and India and is now expected to reach similar arrangement with Pakistan.